现金是一张没有到期日的看涨期权。

Cash is a call option with no expiration date.

投资的四个维度是回报、风险、成本和时间。令人惊讶的是，绝大多数投资者只关注第一个维度。

The four dimensions of investing are return, risk, cost, and time. Remarkably, the vast majority of investors focus only on the first one.

我并不为自己犯错而羞耻，我唯一感到羞耻的，是明知犯错却不去纠正。

I'm only rich because I know when I'm wrong. I basically have survived by recognizing my mistakes.

我职业生涯中见过的最严重的投资损失——不是来自买入了错误的资产而是来自在正确的资产上用了过高的杠杆然后被迫在错误的时间卖出。

The worst investment losses I've seen in my career didn't come from buying the wrong asset — they came from using too much leverage on the right asset and being forced to sell at the wrong time.